Apple, Disney, American Express, Microsoft Rally As Dow Jones Index Recovers Losses

The SPDR Dow Jones Industrial Average ETF Trust DIA is up Friday as the Dow Jones Index pops 600 points. 

The rally comes after financial reports from Citigroup, Inc C, which beat analyst estimates; Wells Fargo & Co WFC; and promising economic data.

Prior to today, many investors and economists alike believed that a 100-basis-point hike from the Fed was 80% likely, according to Fed futures.

As the market rises Friday, many now believe that only a 75-basis-point hike will come from the Fed’s July meetings. 

The University of Michigan published its findings Friday regarding consumer spending. While the university found that spending is at an all-time low, it seems to be slowly rebounding.

The U.S. Department of Commerce found that retail sales grew 1% in June, according to the Washington Post.

Dow Jones components Apple, Inc APPL, The Walt Disney Company DIS, American Express Company AXP and UnitedHealth Group, Inc UNH are all up, which is causing the index to surge today.

The index fell every day this week but has now broken even at the time of writing.

While Friday seems to be an outlier, it is days like this that give investors hope once again in the stock market and economy.

Photo: Courtesy of Carles Rabada on Unsplash.